Consequent to the said divestment and in order to simplify the corporate structure of the company, PDH and PEL-DRG have been merged and the company is in receipt of notice as of July 14, 2021, from the Netherlands Chamber of Commerce (Company Registry) deregistering PEL-DRG.
“The income for the year ended December 31, 2020 of PDH and PELDRG was around USD 9.05 million and USD 4.14 million respectively, while the assets for the said year were around USD 21.15 million and USD 49 million, respectively. The principal activity of both the companies is investment,” company said in a filing.
“This transaction is not a related party transaction. No benefit will accrue to promoter/promoter group of the Company due to the aforesaid merger. Since PEL-DRG was a wholly owned subsidiary of PDH, no fresh shares of PDH are being issued arising out of this merger. PDH continues to be wholly owned subsidiary of the company and consequently there is no change in shareholding pattern of PDH or the Company arising out of the aforesaid merger,” it added.
At around 10.19 am, Piramal Enterprises Ltd was trading at Rs2307.20 per piece up Rs28.65 or 1.26% from its previous closing of Rs2,278.55 per piece on the BSE.